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20121027
20121104
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CNBC 33
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English 33
Search Results 0 to 32 of about 33 (some duplicates have been removed)
CNBC
Oct 31, 2012 7:00pm EDT
it will be sold for a plot of property on the beach. >> did we learn enough from katrina? it seems that people did evacuate, but we didn't have the same problems post-katrina that we did last time in terms of people getting to safety ahead of the storm. from your observation, do you think that's accurate? >> i think all of our professional forecasters -- boy, did they get the right. a week out, they knew this tropical system was going to explode, the way it did take this left hook into new jersey. it has been katrina-esque. the man holding the camera, dwyane scott, was with me in new orleans overnight for that storm. for weeks thereafter, we've been talking about it nonstop today. we may have to rethink some of our shoreline rules and definitions. we've got governors of three states, christie, malloy, cuomo, those three states are talking about a new shoreline and maybe a new normal. maybe we need our folks at the weather channel to tell us, is this a 200-year storm or the start of 200 years worth of storms like this. >> is there a spirit of rebuilding here? do you hear frit the locals? have you b
CNBC
Oct 30, 2012 1:00pm EDT
andrew and katrina. welcome, mr. dan tony. how do you think this storm is going to rank as compared with the biggest storm ever, which was katrina, in terms of insured losses, and andrew? >> well, katrina was an $80 billion insurance convenient, not take nothing consideration the economic impact as well. and a much different type of storm. the biggest problem with sandy it is a densely populated area of the country. early on in the claims process, i believe that the estimates of $20 billion range could be close. then you also have to look at the economic impact with the new york stock exchange being closed for two days, quite a few petroleum refineries shutdown along the east coast that could have an effect, as you had in an earlier broadcast that the airlines -- >> talk me -- >> thousands of flights. >> let's say i'm a small business owner, i own a pizza shop on the jersey shore or i own a dry cleaner out in queens that was damaged, what typically is covered under my business policy that i carry and what suspect? if it's flooding is it covered? >> unfortunately, flooding is an addi
CNBC
Oct 29, 2012 9:00am EDT
airlines to talk about the impact on the industry and the man who led fema during hurricane katrina will tell us what the federal emergency agency should expect from this storm. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use, it's the ultimate combination of speed, small size, and low-cost printing. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. ♪ ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. >> we talked
CNBC
Oct 30, 2012 4:00am EDT
axa, but another french reinsurance company which was also impacted by katrina seven years ago. apart from the insurance sector, of course we have to keep an eye on other sectors starting with air france, some flights to north america canceled, but rather limited so far. air france which is the french unit canceled only six flights day to new york, washington and boston, so of course very limited compared to the daily volume of flights at air france. so don't expect too much negative impact here. also of course nyse as the new york stock exchange will remain closed today. this is going to have an impact also on the nyse share price could suffer, although once again rather limited compared to the revenue of the company. that's all we can say for the time being. back to you. >> definitely an interesting debate whether or whether not the storm will have a long lasting impact. from the american views, we know that we are overblowing it a little bit and that it's actually all calming down. now let's have a look at the atx. up 1.1% as we speak. the market likes what they had to say andle al
CNBC
Oct 31, 2012 4:00pm EDT
process while short term may be an issue for markets over the longer term as seen with katrina where you possibly could see better economic growth after this quarter. >> we'll see about that. that's a really important point. doug, only about one-third of the earnings have beaten expectations, lower than average of the past four quarters. is this an indication of what the markets are headed? we've got one month out of the three months for the fourth quarter in the books. what is your expectation for november and december? >> well i think the economy is slowing. that's clear and you know, when you're doing 1% or 2% gdp growth, it's tough to find 10% earnings growth by cutting expenses but ultimately i think the market's priced for that. we're not trading a market that's 20 times earnings, we're in a market that's 12 times earnings. i think expectations are low. if there was a surprise in october for us and it's something we've been hoping for, if you're at riverfront, you're going to see outperformance overseas so for four years the u.s. has kicked the rest of the world's butt, in other wo
CNBC
Nov 2, 2012 1:00pm EDT
government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that the country was rallying behind and do his job in a way that got praise by the keynote speaker at the republican convention, chris christie, very tough critic of the president otherwise. so i don't think many voters are going to blame president obama for what's going on right now, and leave aside the fact that the states in which the difficulties are occurring db new york, new jersey, connecticut are all reliantly democratic states. what is much more important to the outcome of this election, michelle, is what's going on behind me at this afl-cio phone bank where union volu
CNBC
Oct 31, 2012 5:00am EDT
's katrina, ike, andrew, irene, they're all late august or early september storms where the vacation industrial was more vulnerable. right now, it will be interesting to see the tradeoff from staples into discretionary spending. getting into the holiday season. >> just looking at the trading today, when you look at exposed sectors like insurance, retail and construction, do you think we'll get the moves that you would assume or not? >> i'd be careful expecting too big a move here. partly because of volumes, as i mentioned earlier. it's unclear about how exposed these stocks are going to be. i think expect some mixed messages here throughout the day. >> we're seeing certainly the insurers hold up well. there's a sense they may benefit from firmer pricing next year, something households should be aware of, potentially facing higher premiums as a result of this. >> very difficult to pull a trade out of the storm today. >> just one thing about gasoline, it seems to have already moved slightly. anything on the energy side? >> i think if you go back to the past oil flash gasoline spikes re
CNBC
Nov 1, 2012 4:00am EDT
think it makes people on the ground feel better, but this is about what happened in katrina. president bush made real mistakes. i think the president has let the mistakes of the past, and chris christie has put politics aside at the moment and is on there on on the ground reassuring people to help them to rebuild. >> so you're saying if there is a mastiff misstep, it has a negative impact. but if everything goes okay, the incumbent president doesn't get an up side from that? >> this is a much broader area covered by the storm, but nothing on the scale of katrina. you have the mayor, the president, all at loggerheads about who should take control of the situation and it was chaos. this isn't the case with hurricane sandy. >> we dou know what we're going to get from obama, but what will we get from mitt romney if he's elected? i know a number of republicans throughout the united states who have been more extreme in their anti-obama views than they have about any other democratic leader since i've known them and there is a relate fear that america is being socialized by obama and that he'
CNBC
Oct 29, 2012 11:00pm EDT
're certainly there. that's the kind of work that we do. we did it during katrina and rita back in the '05-'06 time frame as you know. our emergency response crews are ready to go. we have teams staged and our emergency response center is staffed here at norwell. you know, we expect over the next, you know, 24-48 hours to be activated and help and deal with any kind of issue that our clients have out there. >> let's talk about your acquisition of safety clean. i have a piece in my hand, august 9, 2012, credit suisse, somewhat negative piece about your company saying it's more cyclical and tied into the oil and gas business than we realize. listen, it's too levered to that cycle. safety clean acquisition changes the whole rationale against owning clean harbors, doesn't it? >> well, i think it does. it's $1.4 billion revenues of environmental service work. it's going to work nicely into our disposal assets. safety clean really is a leader in three areas. the leader in handling small quantities of waste generated by a number of industries out there. over 200,000 different customers out there.
CNBC
Oct 29, 2012 4:00pm EDT
the economic effects. i think comparing this episode to katrina, which is the analog a lot of people are working with, for the most part i would say on balance, there's a lot of short-term turmoil, a lot of things happening. it's the end of the month. we've already got a lot of other anxiety out there. and it's in the middle of earning season so we'll have some delays. on the other hand, if we look at markets in '05, there was an initial selloff but markets sort of gained traction, especially as people saw past the short-term economic effects and saw the lift coming from the spending. >> no doubt about it, we have end of month positioning, so if you're sitting on positions and you need to get out of those positions for whatever reason, because it's the end of the month, you can't do it. the markets are closed. and so i'm wondering if this is creating a pent-up situation where we see a heavy selloff once markets do resume on wednesday. we're hoping for wednesday. we haven't seen a two-day closing of markets, i don't think ever. >> that's right. >> i think it's possible we could see so
CNBC
Oct 30, 2012 3:00pm EDT
know, put katrina at one end. that was $100 billion. put irene at another end. that was a $13 billion event. i've seen 30 to 50. it feels, especially after you see that aerial video of what happens on the shores of new jersey, like it may be more along the 30 to 50 range when you talk about total property damage and you talk also about lost business activity. it was down in wall street. >> especially at a time when the economy was -- there was a sense it was starting to slow down again. we haven't had the strongest economy anyway. are we more vulnerable to this? >> i don't want to say there's an up side to this, but you could have a situation where some of the construction and some of the rebuilding happens in the same quarter where you had the business loss, so you have a really net no change to gdp. if there are major construction projects undertaken -- for example, let's say they decide the biggest financial center in the world should not be a foot over sea level, that's a major investment that could have a positive back on gdp. >> that's a great point, steve. as far as the idea th
CNBC
Nov 1, 2012 1:00pm EDT
following a critical disaster. he got the port of new orleans up and running after hurricane katrina in 2005. gary lagrange joins us now from new orleans. welcome to the program. it is good to see you here. if the port of new york were to make a call to you and say, look, gary, you've done this before, what should we do? what would you say to them? >> well, first, i think the port of new york, new jersey is in great hands. admiral rick larabie has weathered the storm many times before. the communications aspect is first and foremost about anything. the pilots, noaa, coast guard, army corp of engineers, all staying in touch with each other to ensure that the port and the harbor can open just as quickly as possible to assure that the safeguard and movement of commerce is first safe, but also expeditious as well. because of the magnitude of a port like new york, new jersey, just is an absolute must. a huge market area. many consumers relying on it. >> more broadly, ceos who are obviously attempting to hold businesses together and ensure that they function, many of them in a very, very difficult
CNBC
Oct 29, 2012 6:00am EDT
how much money geico has made since the katrina year, how much buffett has made? a fortune. what was that, 2005? >> yeah. >> but i do wonder if you did have trading this morning, what somebody look travelers or berkshire would be trading at. >> but weaved had less hurricanes since 2005 than you would think. >> refinery, do you know anything about the plants around here? >> i don't know the specific plans, but i know that's certainly a risk. about 7% of the nation's refining is done here in new jersey and dwell wear. and they're right in the path. absolutely right in the path. so i would expect to see those guys shut in if they haven't already. which will impact obviously gas prices. >> there was speculation how you could see oil prices drop because no one will be taking supply. >> that's true. absolutely. >> paul, thank you very much. you'll be in-house with us. >> i'm weathering the storm here. >> andrew, i'm not kidding, last week, a sociologist writing for the huffington "post" said if this doesn't get us to completely try to get off all fossil fuels as quickly as we possibly
CNBC
Oct 30, 2012 5:00am EDT
activity. >> it will depend on what the damage actually is when we get through the process. katrina when it hit new orleans was one thing about a it was so devastating, it wiped out literally homes and roads and bridges and caused a mass amount of devastation, so a huge amount of rebuilding there. what's important here going forward is that you are going to get economic support from this at least in the short term. is there a lot of severe structural damage that has to be replaced. but about don't forget one thing, when you can to this type of activity, there is one negative impact of this longer term which is that you pull forward future activity. so money spent today that would have been spent potentially later on. so a short term boost for the economy and longer it term still the concerns of the overall weakness. >> especially when it comes to flood insurance, a lot of that comes from the federal coughers when they're under more scrutiny than ever. going into next year, do you expect this to change the tenor around government spending at all? >> well, that's kind of an interesting que
CNBC
Oct 31, 2012 9:00am EDT
're operating. this is cover of "the washington post." this is new york's katrina. obviously the death toll compared to that storm nowhere near approaching it but still 20 some odd people dead in new york alone. 2 million people without power. for those of you that live around here, we hope you're safe and your homes are okay and families are okay. if you're in other parts of the country or the world trying to trade today, there are going to be business decisions, trading decisions to be made. >> we don't know how badly the insurance is going to do. it's up to you. you may think it's bad for insurance. maybe it's good. we don't have a good ballpark of how much and more importantly, so much of the damage is flooding, which historically has been one of those things where you call the insurance company and they say did you read the fine print? we don't cover flooding. the federal government has at various times extended flood insurance and helped people. particularly when anyone remembers the fiasco where the federal government says, listen rich people, you can build beautiful houses again. th
CNBC
Nov 2, 2012 5:00am EDT
. it depends how much of a long term impact there have been. we can go back to katrina which was the largest destruction where the actual costs were around $150 billion. >> you can go to our website to find out why new york is looking a lot leak amsterdam fp has something to do with bicycles. and you can tune in tonight at 8:00 p.m. for hurricane sandy coming together, a benefit concert to aid victims of the storm. hosted by matt lauer. the concert will feature performances by bruce springsteen, sting, billy joel. good line up. money collected will be donated to the american red cross relief effort. >> it's final for the jobs report due out at 8:30 achl and it is the final set of numbers and the most important set of numbers before tuesday's presidential election. most forecasts expect a slight rise in the unemployment rate to 7.9%. nonfarm payrolls expected to have a slight pick up from september. has hurricane sandy mitigated the impact or is it a key indicator? >> certainly everyone's focusing elsewhere, certainly i think as soon as people get this number, the first question is what will
CNBC
Nov 1, 2012 6:00am EDT
than triple what hurricane irene cost. but still far plea record costs of hurricane katrina several years ago. governor christy hie has pledgeo rebuild the shore but that would come at an even greater cost. and where he withstand, we have to tell you as we were driving in, there are actually school buses blocking the flooded roads. you can imagine with no school in session and very thin police availability given everything that's going on, all the emergency situations, they're use aing school buses to deter cars from going down dangerous roads.aing school buses to dete cars from going down dangerous roads.ing school buses to deters from going down dangerous roads. this boat was across the street and police have propped it up to get it out of the way so that emergency vehicles can keep going. of course that's the only way that you can get on the island here. back to you. >> have there been other people that you've seen out on the streets or is it pretty deserted aside from the emergency personnel? >> reporter: it's actually very deserted. and it's pretty eerie. i've seen all the pict
CNBC
Oct 30, 2012 6:00am EDT
, the west coast. >> that was one of famous of our colleagues years ago, during katrina, we were talking about how many poles had been town and she looked in to the camera and said just know it stay calm, help is on the way. and we all said no one can hear you. they don't have power. it was a very heartfelt sincere help is on the way, but the people that needed it were not in front of the tv set at the time. >> you send out a reminder e-mail is down. >> and then by the time it's back up -- >> isn't it crazy that e-mail is work something. >> you're right, verizon was working. >> coming up, we'll talk to governor markell to check out the damage in delaware. well find out how his state made it through the night. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. governor of getting i
CNBC
Oct 31, 2012 6:00am EDT
in lives and economic damage might be less than katrina. i know our insurance analyst has talked about the size of the liability being half, which is good news. and i think there's going to be some affect on auto sales and consumer retail spending. but, again, if those stocks take a dip, that's going to be a pretty big opportunity. because we know when you have to fix a broken window you end up with more spending. overall, this could be a boost to the economy. i think it's going to be viewed as an opportunity. i think we're seeing in some of the premarket activity. >> i never know really whether to believe that or not. i see with insurance companies and i've seen the case made, the broken window case that you eventually have to fix it. net net, replacing things that may have been -- didn't need replacing and using capital to do that, i can't believe that, you know, spending $20 billion on what you didn't have to do before can be net net be good long-term. is that really true? is that the case that economists make? >> well, i think it depends on how much credit is involved. in other wor
CNBC
Nov 2, 2012 6:00am EDT
does to the economy. >> it does have a big impact, though. because back to katrina for example. that was $75 billion of insured losses. which meant that the economic losses were over $100 billion. so usual talking a very big deal here. companies start to assess how much the business was disrupted. accessibility to their business. the ability of their employees to come to work. you don't start to see contamination issues and environmental issues until later on. but it's unfortunate to say and you asked me a very valid question, it's unfortunate to say that i think this number could be very big. >> the other question is who pays for all of this because the flooding, a lot of this will go to the national flood insurance program. but at some point, who ends up picking up the tab. >> i think mostly the insurance companies, becky. there's three sources of ways to fund catastrophes. you have the national flood insurance program as you mentioned, but that's under fema. fema stands for federal emergency management agency. and that's basically a response mechanism and i think they're doi
CNBC
Oct 29, 2012 12:00pm EDT
to mind is katrina. and the widespread flooding along the gulf where there's obviously a lot more refiners down there than there are in the path of this storm. also keep in mind that that storm came at the end of the summer when gasoline driving season was really over. and we hadn't really started to think about winter fuel demand. so the actual shutdowns were not at a time when supplies would be tight. so it may be that we actually get a bigger impact this time around than we did then. >> how long does the refinery have to be shut down before we start to see a real material impact on gas prices? >> well, i think that it's just the -- i don't know if you have to see how long it's shut down. it's sort of the forecast for how long it'll be shut down. because, after all, refineries do take a long time to turn around. the longer they're without power, the longer it takes to get them back going again, this could be a storm that knocks out really an incredibly large amount of power. they're talking about 10 million homes and businesses potentially being impacted by this just on the electricity s
CNBC
Oct 29, 2012 5:00pm EDT
hurricane katrina in size or greater. although it is not necessarily just about -- losses itself. lot of it has to do with where the losses are and what the categories of the losses. if they are unique in -- type of loss, that could change the perception of risk and cause prices to go up. >> what's your best estimate based on what we know about this particular storm in terms of who will get hit the most and who will so the most losses? >> well, it should be the usual suspects. the big east coast insurers, companies like state farm, travelers, allstate, who are hue on the list of market shaur locally. >> all right. paul, unfortunately we have to leave it there. we appreciate your time and analysis. paul newsome. simon, have you an interesting insurance play. crawford. >> larger the disaster the better company does. they do the overflow for the claims for a lot of the carriers. if you see a big concentration of claims they will benefit from it. look out for crawford. >> all right. at this point we want to revisit new york city mayor mike bloomberg with his press conference on the impact
CNBC
Oct 29, 2012 7:00pm EDT
, if you don't know, covered katrina for us, ap he's prone to understatements, so when he says he went through one of the most harrowing experiences he's experienced. >> says a lot. >> a pretty dramatic statement. you highlight, scott, why you can have so many deaths due to flooding in situations like this, because that water moved so fast and with so much power. >> it does, and as i said, again, at the top of the hour, i said they told us there wou about five more feet of water. we expected it to be a little more gradual than it was, and when it comes up, it comes up fast. it's not a wall of water. it's just that all of a sudden you find yourself with a lot of water around you, and then you're scrambling into your vehicles, including your satellite truck, trying to get out of there with water basically coming up over the foot. i mean, it was that bad. you know, we are all fine. everybody got out of there in one piece, and we hope to be able to send you some pictures later on this evening, or at least tomorrow morning, but it was quite an experience. >> i'll bet. scott, stay safe. you
CNBC
Oct 30, 2012 12:00pm EDT
and low's, during major storms in the past of katrina and irene saw anywhere from 40 to 100 basis point lift in sales that's where we should see some of the most positive impact coming out of this >> any worry, sales from november moved forward, moved into october, people prepped hort purchases just so unique for the type of things would you buy for a storm that they wouldn't have any impact? >> no, you did get some of that you had some of the retailers, particularly the supermarkets, people were stocking up for the upcoming hurricane. they were also stocking up at home depot and lowe's, looking for generators, flashlights and batteries. october retail sales being reported on thursday, we will get some updates from the retailers on what closed. national retail course have up to 20% of their stores closed for these two days. the makeup is going to happen by the end of the month. >> yeah, what about the targets, the walmarts, some of those stores, mall -- mall anchors that are also impacted? >> yep, mall anchors will have a tougher time than the discounters. i think the discounters, they
CNBC
Oct 30, 2012 4:00pm EDT
resources well. i think government will perform well. this is not going to be katrina. when government performs well, they t re-emphasizes in people's minds that government does matter. >> what's your take on the early voting story? you have a new poll showing governor romney still in the lead and certainly they're tied, 47% each, cwhen you look at eary voting turnout. how much of an impact does this storm have on early voting turnout? >> well, some, but so many people have voted. look at ohio. a third of the voters have will be cast their votes. i think early voting has helped with the democratic base. i think the democratic base has gotten more and more enthusiastic, more and more fired up. you're seeing that with the long lines in places in urban centers which tend to be democratic. i think it's going to be a surprisingly good democratic turn youtd. >> all right. we'll leave it there. governor, good to have you on the program. >>> let's go back to julia boorst boorstin. we have more on the disney/lucas film deal. >> that's right, maria. walt disney is acquiring lucas films for $4.05
CNBC
Oct 30, 2012 5:00pm EDT
such as katrina, some of the tornadoes that we had in alabama, southern indiana, and missouri. so our team, our restaurant operations team, as well as our commissary teams are very pro active and there's a whole lot of planning that took place ahead of the storm and then obviously, you know, you still don't know what quite to expect of the storm, and the focus ends up being prioritizing how we can get to restaurants from a road closure standpoint as well as the power grid. so those are the two primary things that we're working through. >> how pressing is it to get the goods to the stores? i mean, i'm asking this because a lot of analysts out there are saying this sort of storm will provide a lift to the delivery food companies like a domino's and papa john's. what are you seeing so far? >> well, fact is we own our own commissary system. so that coordination is probably a little bit easier for us and frankly we've got a pretty firm grasp on that and we're very proactive. so we're feeling pretty positive about getting the rest of these stores opened back up. we did have maybe a half a dozen that
CNBC
Nov 1, 2012 12:00pm EDT
as i did after katrina and other storms when i was active, i said to governors, please, please, take the burden off the consumer and retailer, put in a short-term rationing system. go to odd even purchases. i know it inconvene enss people, but limit the gallon people can purchase. do this for just a period of time it takes to get theissue. people said well get a generator at the gas station. well, a generator at the gas station would have to be very large and wired in advance with all the safety precautions and so forth. but if the telephone lines are down, you can't use credit cards. and the cash register is tied to the pump. so you need a whole electrical system overhaul, not just the generator. and so you need some kind of order in chaos. that's what i'd be saying to governors. >> we're looking -- i guess coincidentally at shell stations around the area with extremely long lines. as we mentioned, you used to be the president and ceo of u.s. operations for shell. is the role of the ceo in this case somewhat limited because many of these stations are independently owned and operated
CNBC
Nov 1, 2012 4:00pm EDT
sandy didn't hit oil production facilities like hurricanes in the past, like katrina did in the gulf of mexico. so while folks are struggling in the northeast, i definitely sympathize, the situation could have been a lot worse if it hit some of the bigger petroleum sector infrastructure systems. >> and so you said prices in some parts of the country are going down. where do you think prices go in the near future? >> well, i think in pockets of the northeast that continue to be hit with supply crunches, you're going to see price increases. but for the next several weeks, i think you're going to see ripple effects of lower prices across most parts of the country. >> i see. all right. we'll leave it there. good to have you on the program, sir. thank you so much. >> my pleasure. >> see you soon. >>> up next, countdown the closely watched jobs report out first thing tomorrow morning. we'll give you the handicapping of it. stay with us. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal th
CNBC
Nov 1, 2012 7:00pm EDT
modeling company. ranking it second only to hurricane katrina. the death toll from hurricane sandy leaves 92 across the usa. the number of that continues to rise. search and rescue efforts continue. 4.5 million people remain without power. lower manhattan is being promised electricity by saturday. >> power outages also shut down gas stations across the northeast, frustrated drivers waiting in line for hours. minutes ago we learned amtrak is resuming service from newark to washington and area airports are almost back to normal. and between news for the 26 mile new york city marathon will proceed as planned this sunday. >> so welcome back, everybody. the pictures and stories left from the storm's after math are still jaw-dropjaw-dropping. let's begin with scott cohn in lower manhattan. >> larry, hurricane sandy sent about 4 feet of water in the financial district and they think it actually may be a total loss, about $300,000 worth of damage. and they don't know if insurance is going to cover it. you multiply that by thousands of businesses and you begin to get a sense of what the problem is
CNBC
Nov 2, 2012 12:00pm EDT
that are on tv are not conducive to people wanting to buy stocks. these are like in some cases katrina-like pictures in terms of the devastation. >> even with a jobs report that the critics are -- >> it's hard for them to cite size it. some of them are making up numbers. most of the economists i talk to are calling this a stronger than expected jobs report and it goes with other strong data this week suggesting here is what you got to know. it's a economy that was on a modest upswing just before this catastrophic hurricane hit the northeast. 171k compared to a forecast of 125,000. so an upside surprise. the unemployment rate ticked up as expected. these were the two disappointments, the average hourly earnings and average weakly earnings numbers which by the way -- you could use those numbers. they're fine. revisions were up 84,000. the average revision in the past 18 months has been plus 45,000. this 92,000 number in august was revised up to 192,000 now. here are the good signs. where is that next one? they don't have it i guess. there we go. the revisions positive, temporary help pos
CNBC
Nov 2, 2012 3:00pm EDT
it? >> fema responds rather adroitly to -- katrina notwithstanding, to these disasters. i suspect they're going to be quite responsive right now for those who have been displaced, who have lost family members, who don't have homes. i think there will be a rapid response from the federal government. >> i'm just saying, we could use that money in other areas right now. not necessarily the bond buying program. just an observation. >> maria, i got say, i don't know if the bond buying is actually helping. we're seeing a lot of bond buying. i don't know where that money is going to. we see unemployment raising. >> is survey showed pick ups in demand for most classes in lending right now. so it has had a positive effect in a place where it could matter. we have seen in general some of the interest rates that matter go down in the economy, including mortgages. >> and a big uptick in housing. >> maybe not perfect, but it seems to have had an effect. >> do we anticipate the typical pickup in economic activity following a natural disaster of this magnitude here, ron? >> bill, listen, it's go
CNBC
Oct 30, 2012 9:00am EDT
kinds of restaurant colleague friends who suffered a lot worse than this so far anyway during katrina, and we keep that first and foremost in our minds. >> danny, we always think of you as a new york city guy but you have operations in philly and boston. has the damage there been much different than right along the new jersey/new york coastline? >> well, so far we have none in boston, just to be clear, but we do have two in miami and this was a rare hurricane storm that seemed to avoid miami. so those guys are good. washington, d.c., we're going to check in with them. as i said, i've been hampered myself just because we have no internet and i was able to find a land line to call in to you guys, but we realize we're in a day and age where cell phones -- we have no cell certificaservicn for some reason either. so we're trying to learn. we think that washington is okay. we think that philadelphia is okay. and then up in connecticut we're trying to find out if our west port and new haven shake shacks have electricity. sometimes that coastline gets hit hardest in terms of electricity. as s
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